Bridging Finance

Bridging finance is a specialist short term loan that can be used for a variety of purposes. This loan is also known as Bridging Loan.

These loans are attractive because they are processed quickly, the lending criteria are not as strict as high street lenders and they can be obtained against properties that are of non-standard construction or in poor state of repair.

In addition, bridging loans are often the cheapest option when a loan is required for the short term.

Why Do You Need Bridging Finance?

Bridging finance is a great way to solve short term problems rapidly. Most people use bridging finance for the following: 

  • To bridge the gap between when you purchase a new property while waiting for the sale of the existing property.
  • Auction purchase
  • Renovating a property
  • Building a property on a plot of land
  • Quick purchase of property
  • To help meet short term cash flow problems in a business
  • To pay inheritance tax
  • To Purchase under-market-value property
  • To prevent repossession of a property
  • For Rebridging a Property

Why Are Bridging Loans So Popular?

  • Less strict lending criteria: Unlike high street lenders, bridging lenders do not always ask for proof of income and they will also lend against properties in poor state of repair.
  • Loans are processed within a short time: Bridging loans can be put in place within a short time, which is ideal when you are strapped for time.
  • Comparatively cheaper than other options: High street loans can appear cheaper because they have lower interest rates, but the costs of arrangement fees and early redemption  charges add up, making them expensive for the short term. This is where bridging finance comes in, because the lower set up costs mean that it is actually cheaper.

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Regulatory Statement

Ever North Limited is a company registered in England and Wales with registration number 10216011. Registered Office: Ground Floor, Rainham House, Manor Way, Rainham RM13 8RH. Ever North Limited is authorised and regulated by the Financial Conduct Authority. Our FCA Number is 800196. Information Commissioner’s Office (ICO) Registration Number: ZA336026. As a client of a regulated firm you have the right to take unsettled complaints to the Financial Ombudsman Service (FOS) which is an arbitration agency for complaints occurring in the financial services industry. Full details of the FOS can be found here: https://www.financial-ombudsman.org.uk. Please note the content, services and information displayed on this site are intended for residents of the UK only. We may record telephone calls for training and quality purposes.

WARNING

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

The Financial Conduct Authority does not regulate Bridging / Commercial loans and certain types of Buy to Let Mortgage and some investment mortgage contracts. Your Home is at risk if you do not keep up repayments on your mortgage or any other loan secured on it. Equity Release / Home Reversion – This is a Lifetime Mortgage or home reversion plan, to understand the features and risks, ask for a personalised illustration.

Under no circumstances should any of the information contained within this website be construed as “advice”. You should seek professional advice in respect of your own circumstances.

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